The mortgage assistance program to assist struggling homeowners in California finally got underway, after a 2 month delay on its expected launch. The $2 billion program, funded by the federal government started this week and has been named The Keep Your Home California Program.
This mortgage assistance program is divided into phases and the first phase has $875 million set aside for those collecting unemployment benefits. Evan Gerberding, spokeswoman for the California Housing Finance Agency, said that homeowners can avail up to $3,000 a month in help for up to 6 months under this phase of the mortgage assistance program.
The mortgage help provisions in the rest of the program are expected to be out by next month, and will include a feature that would directly reduce outstanding loans on home mortgages.
